FCA seeks improvement to digital loan processes

FCA calls for an improvement to digital loan processes  - Credit Connect

Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes so that consumers can make informed decisions about their finances.   The FCA’s review is part of its strategic focus on helping consumers navigate their financial lives. It has shared examples of good and…

FCA Flags Flaws In Digital Loan Apps, Urges Lenders To Add Friction - FinanceFeeds

The UK’s financial watchdog has raised concerns over the design of online and mobile loan applications, warning that some platforms are making it too easy for borrowers to gloss over key details—particularly on cost. In a review published Thursday, the Financial Conduct Authority (FCA) said that while digital lending tools can offer faster and more convenient access to credit, they risk undermining transparency when poorly designed. The regulato…

FCA seeks improvement to digital loan application processes

A review by the Financial Conduct Authority (FCA) found that lenders’ online and app-based loan applications can help borrowers understand what they are signing up for, but there is room for improvement.  The FCA said changes are needed to make sure people have all the information to make informed decisions about their finances. The review is part of the FCA’s ongoing work to help people manage their money.  It shared examples of good and poor p…

FCA seeks improvement to digital loan processes